Perseus Mining started life as a junior exploration company in 2004, and in 2006, it acquired the Ayanfuri exploration licences in Ghana that had previously hosted heap leach mining operations. Significant exploration success by Perseus around the decommissioned oxide pits saw a rapid evolution of the company from explorer to developer and then gold producer in August 2011, following the successful development of the Edikan Gold Mine.
Perseus Mining Limited started life as a junior exploration company in 2004, exploring several tenements that were owned in Ghana and Côte d’Ivoire. In 2006, Perseus acquired new tenements in Ghana that had previously hosted heap leach mining operations managed by AngloGold and Cluff. Exploration success by Perseus on the tenements and a rising gold price environment saw a rapid evolution of the Company from explorer to developer and then gold miner, with first gold produced at the Edikan Gold Mine in August 2011.
Following the development of Edikan, Perseus rapidly developed a sustainable gold business in West Africa with good quality physical assets, quality management, financial resources and a strong social license to operate. The company recognised the importance of spreading the risks inherent in the business by owning assets located in a number of jurisdictions.
In pursuing our strategy of becoming a multi-mine, multi-jurisdictional gold producer, developer and explorer, we developed our second gold mine, the Sissingué Gold Mine in Côte d’Ivoire, based on an exploration discovery made early in the company’s history. Since achieving commercial production at the end of March 2018, Sissingué has surpassed all expectations, routinely exceeding internal targets for run time, recovery, gold production and costs.
Perseus commenced development of its third mine, the Yaouré Gold Mine, also in Côte d’Ivoire in May 2019, three years after the acquisition of Amara Mining plc, the owner of the Yaouré exploration licences. In December 2020, first gold was poured at Yaouré and Commercial Production is expected to be declared during the March 2021 quarter.
By FY22, the combination of gold production from existing assets, including increased production at Edikan, and the new production from Yaouré will lift Perseus’s gold production to more than 500,000 ounces of gold per annum at weighted average AISC of less than US$850/oz.
Perseus is focused on maintaining this level of gold production and generating a cash operating margin of not less than US$400 per ounce for the foreseeable future by optimising and extending the life of existing assets, and through the discovery and acquisition of new Mineral Reserves. Perseus remains a West African focused gold company where it believes its many years of operating experience provides a competitive advantage relative to other companies with less experience in the region.